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Sales and purchase-related transactions using periodic inventory system Selected transactions for Essex Company during July...

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Accounting

Sales and purchase-related transactions using periodic inventory system Selected transactions for Essex Company during July of the current year are shown below. Date Transaction July 3. Purchased merchandise on account from Hamling Co., list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice. July 5. Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30. July 6. Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the goods sold was $25,000. July 7. Returned merchandise with an invoice amount of $6,850 purchased on July 5 from Kester Co. July 13. Paid Hamling Co. on account for purchase of July 3. July 15. Paid Kester Co

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